The outlook for Emerging Markets (EM) going into 2014 is dramatically better than at the start of 2013. Better fundamentals, stronger technicals and attractive valuations after a sharp technical sell-off in 2013 will lure investors. Tapering also poses less risk now, while many EM countries are now taking reforms very seriously. The way to approach this opportunity is through active management, because credit stories and elections feature prominently in the 2014 outlook.
進(jìn)入2014年，新興市場(chǎng)的前景明顯好于2013年初。基本面更好，技術(shù)面更強(qiáng)，新興市場(chǎng)資產(chǎn)在2013年遭大舉技術(shù)性拋售之后，估值更具吸引力，這一切都吸引投資者進(jìn)入。目前，美聯(lián)儲(chǔ)(Fed)縮減量化寬松(QE)帶來的風(fēng)險(xiǎn)也有所降低，而新興市場(chǎng)國(guó)家現(xiàn)在正認(rèn)真對(duì)待改革。投資者需要通過積極管理才能抓住這一機(jī)會(huì)，因?yàn)檎雇?014年，新興市場(chǎng)國(guó)家的信貸和選舉是最突出的主題。